Implementation of Electronic Signature in Mortgage Industry

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Use of Electronic Signature in Mortgage Industry
By, Sarah Minhaz
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Bankers have been discussing the paperless home
loan for long. The advancement towards the
complete, start to finish computerized home loan
has moved gradually. It is now time to check for
advances like electronic marks which gets
borrowers to the deal closure quickly.
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For a competitive approach, mortgaging
specialists and originators are concentrating on
client experience. Obviously, customers need the
convenience of digital platform. No one wants to
wait for the paper packages to arrive when its
easier to go online and interact with a mortgage
officer, upload your documents, accept
disclosures and contracts online and do
e-signatures in the forms.
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How to start using digital signatures in mortgage
industry?
As opposed to offering a full, end-to-end
eMortgage complete with eClosings, banks and
non-bank loan specialists are digitizing step by
step. A staged methodology gives prompt and
substantial advantages to all. Banks, credit
associations and loan specialists have
experienced the best early achievements through
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Offering borrowers the capacity to finish and
e-sign the application bundle online Delivering
e-disclosures From that point, the subsequent
stage is to join advanced reports into a
crossover or full eClosing.
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Why eApplications and eDisclosures? If your
bank or financial institution has not yet
transformed its procedures through electronic
media, leveraged e-signatures for the mortgage
application is the first step to switch to
eSignatures in Mortgage Industry. Heres are the
two reasons to adopting mortgaging industry
e-Signatures.
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1. Easier to collect signatures and improve
customer experience
Applications are bulky and documents required are
innumerable. Removing paper from the process
enables clients to finish the application online
without any delay resulting in a good client
experience.
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Online applications with e-Signature require
24-48 hours to get delivered and verified as
compared to 7-10 days required while using paper.
All in all the online process deals with the two
major issues regarding mortgage industry using
eSignatures i.e. physical process requires too
many papers and it takes too long to finish the
documentation.
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2. Quick To Deliver Loans Estimates
e-Signatures for Mortgaging Industry quickens the
process. Until the lenders and brokers do not
receive a confirmation from the client they
cannot proceed their cases. On receipt of
consumer eSign on loan estimates, the lender for
the required documents, the consumers intent can
be confirmed by obtaining the application
processing fee.
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3. Quick on Finalizing Closures
Electronic delivery of disclosures is the main
mortgage process that has been digitized today.
Though the paper based processing is still in
use, soon there will be digital delivery model
everywhere to take over the waste of paper and
its time delays. Soon customers will also be
aware enough to make sure the manual processes
are kept aside and the automatic eSignatures in
Mortgage Industry will become the trend.
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4. Customer Centric Approach
The most practical way in current times to short
the closing delays is by compressing the
application cycle. In application processing, the
disclosure can be closed electronically and
obtain an acknowledgement of receipt via
e-signature. This results in meeting customer
expectations for fast, convenient and efficient
service in home buying mortgage process.
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